SoftBank CEO Masayoshi Son said he doesn’t understand bitcoin and lost around $50 million
Masayoshi Son, the CEO of Japanese multinational conglomerate SoftBank said at The New York Times DealBook conference he doesn’t understand bitcoin, even after he invested $200 million in the past, and that he spent a good chunk of his time tracking its movement while invested in the cryptocurrency.
SoftBank CEO Masayoshi Son
“I think the digital currency will be useful but I don’t know what digital currency, what structure, and so on.” the second richest man in Japan added.
SoftBank CEO has a reputation for making money with everything he touched but he couldn’t handle Bitcoin’s volatility. The cryptocurrency tanked 70 percent over the course of two months in early 2018, plunging below $6,000 in February.
According to a Wall Street Journal report last year, Son lost closer to $130 million when he sold his stake in 2018, citing sources who are familiar with the matter. But today he says he estimates that lost around $50 million.